Memphis Called Third "Emptiest" City in America
MURFREESBORO, Tenn. (WMOT) -- Memphis is being called one of the "emptiest" cities in America.
CNBC reporter Paul Toscano compiled a list of the cities suffering the worst problem with empty houses. Toscano created the list using information from the U.S. Census Bureau. The 2011 data includes empty rental properties as well as empty homes for sale.
The reporter ranked Memphis as the third emptiest city in the nation. Fifteen percent of all rental properties in Memphis are unoccupied. Just over three percent of homes for sale are empty.
Orlando, Florida topped the list with well over 18 percent of rental properties vacant and more than 2 percent of homes for sale sitting empty.
Dayton, Ohio; Detroit, Michigan and Richmond, Virginia round out the top-five emptiest cities in America.
Toscano says studies indicate empty homes significantly reduce the value of nearby properties.